十年来最看空美元！机构蜂拥对冲美元头寸

Group 1 - Fund managers' bearish sentiment towards the US dollar has reached its highest level in over a decade, with institutional investors rapidly withdrawing or hedging dollar assets amid unpredictable US policy [1][4] - According to a recent Bank of America survey, fund managers' dollar exposure has dropped to its most negative level since at least 2012, with the dollar down 1.3% against a basket of currencies including the euro and pound this year, and hovering near a four-year low [1] - The Chicago Mercantile Exchange data shows that short positions on the dollar have surpassed long positions this year, reversing the trend seen in Q4 2025 [4] Group 2 - Major asset management firms are adjusting their dollar positions, with Vanguard's global rates head noting that recent volatility has led investors to question their historically low hedging ratios on US assets [4] - Iain Stealey, Chief Investment Officer at JPMorgan Asset Management, mentioned that the firm has established short positions on the dollar in recent weeks, highlighting the diminishing arbitrage advantage as the Federal Reserve is expected to cut rates twice this year [5][6] - Caroline Houdril from Schroders noted an increase in capital repatriation, with foreign dollar holders converting capital back to their domestic currencies [7] Group 3 - The nomination of Waller as Fed Chair initially reassured investors but was followed by pressure from Trump, raising concerns about the independence of the central bank and failing to boost demand for the dollar [7][8] - The Greenland crisis in January heightened expectations of capital withdrawal from US assets, exacerbated by Trump's threats against NATO allies [9] - Concerns about potential US currency intervention have been fueled by Washington's support for the Argentine peso and recent actions regarding the yen, leading to speculation about a strategy to weaken the dollar [10][11]